What is Veritas's solution to the fake goods crisis?

Veritas has developed a solution combining hardware and software, featuring a 'hack-proof' chip with NFC technology and a protective backend system to verify product authenticity.

How does the Veritas chip work to prevent counterfeiting?

The chip incorporates NFC for smartphone verification and is designed to deactivate and hide its codes if anyone attempts to tamper with the product, adding a layer of security.

How much funding has Veritas raised to combat luxury counterfeits?

Veritas recently secured $1.75 million in pre-seed funding, led by Seven Seven Six, to help expand its team and operations.

Home / Business and Economy / Veritas Unveils 'Unbreakable' Chip to Combat Counterfeits

Veritas Unveils 'Unbreakable' Chip to Combat Counterfeits

10 Feb

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Summary

A new chip and software system combats fake luxury goods.
The 'hack-proof' chip uses NFC and hides data if tampered with.
Veritas secured $1.75 million in pre-seed funding to expand.

Veritas Unveils 'Unbreakable' Chip to Combat Counterfeits

The crisis of counterfeit luxury goods, estimated to cost brands over $30 billion annually, is being addressed by a new startup, Veritas. They have developed an innovative solution that merges custom hardware and software to verify product authenticity. At the core is a purportedly 'hack-proof' chip, designed to resist tampering and linked with digital certificates for verification. This technology aims to provide a reliable method for consumers in the booming second-hand market to authenticate their purchases.

Veritas founder Luci Holland, with a background in both art and technology including a stint at Tesla, recognized the limitations of traditional authentication methods like symbols or physical marks. Counterfeiters have become adept at replicating these, creating convincing 'superfakes.' Holland's unique perspective from both design and tech fields inspired the development of a solution that integrates hardware and software. The chip itself is small, minimally disruptive, and uses Near Field Communication (NFC) for easy smartphone authentication. It is designed to deactivate and hide its codes if tampered with, while the software side monitors scanning behavior to prevent fraud.